US stocks end higher after Trump reveals tax plan

The Dow Jones Industrial Average rose 40.49 points, or 0.18 per cent, to 22,381.20. The S&P 500 added 3.02 points, or 0.12 per cent, to 2,510.06. The Nasdaq Composite Index edged up 0.19 point, or less than 0.01 per cent, to 6,453.45.

The Trump administration and US Congress Republicans on Wednesday released a unified framework for tax code reform, which will cut tax rates for businesses and individuals while lacks details on how to consolidate fiscal position in face of big tax cuts.

Analysts said the excitement that lifted equities on Wednesday was replaced by questions on how the plan will be put in place.

On the economic front, US real gross domestic product (GDP) increased at an annual rate of 3.1 per cent in the second quarter of 2017, on par with market consensus, according to the third estimate released by the Commerce Department on Thursday.

In a separate report, the department reported that the US international trade deficit came in at $62.9 billion in August, lower than the July reading of $63.9 billion.

Meanwhile, in the week ending September 23, the advance figure for seasonally adjusted initial claims was 272,000, an increase of 12,000 from the previous week’s revised level, the US Labor Department announced.